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March 1, 2021
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Home Prices
(2008-03-25)
(wgvu) - NEW YORK (AP) - New data shows home prices in many cities,
including Detroit, continue to plunge.
U.S. home prices fell 10.7 percent in January, and the Standard
& Poor's/Case-Shiller home price index of 20 cities saw its
steepest decline in two decades.
Worst-hit were Las Vegas and Miami, both reporting 19.3 percent
drops. Detroit's prices went down 15.1 percent.
Pava Leyrer is the president of Heritage National Mortgage in
Detroit and says the tightening of loan standards has compounded
the problems of too much inventory, foreclosures and a jittery
economy. She says it would take until the spring of 2009 before the
Michigan market improves.
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